The American humorist Will Rogers observed that there are three kinds of people in this world: those who learn by reading; those who learn by observation; and the rest, who have to learn by peeing on the electric fence for themselves.
In Europe, we have been learning things the hard way.
The Russian invasion of Ukraine and the resulting turmoil came as a shock to our energy system. More recently, the conflict in the Gulf has sparked fresh shock waves.
Having built on our experience of the energy crisis in 2022, Europe was better prepared. But the fact of the matter is that we were still left exposed to external shocks.
Since the start of the conflict, the EU spent more than €100bn more on imported oil and gas, compared to the same period last year. We are not only learning the hard way – we are learning the expensive way.
And the lesson could not be clearer: we need to free ourselves from fossil fuel imports, as much as possible and as soon as possible.
The more clean energy that we produce – from homegrown sources like renewables, nuclear, and geothermal – the lower our bills become. At the same time, we also strengthen our energy security, cut our emissions, and reinforce our energy independence.
That’s the direction we are taking
Last year, we added 89 gigawatts of renewable energy to our energy system. One gigawatt is enough to provide electricity for up to 1m households.
And for the first time ever, the EU produced more electricity from solar and wind than from fossil fuels.
In other words, more of our energy is being “made in Europe”, which makes us less reliant on fossil imports. Since 2022, we have decreased our gas consumption significantly, to the order of 17 percent.
But it’s not just about how Europe generates electricity – it’s about how we share it. Over the past decades, EU countries have linked up their electricity markets to a degree not seen elsewhere in the world.
This makes it much easier to support each other with supplies in times of need, as well as to buy and sell electricity across borders at the best price.
This progress has firmed up the foundations of our energy system. But can these foundations withstand our uncertain times? I believe that they can and they will – as long we stick to a solid strategy.
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